Attending university can be an exciting time, but it can also be a daunting experience – especially when managing your finances. With the cost of living crisis squeezing budgets, more and more students worry about money. According to the latest research by the student discount scheme Unidays, 40% of Gen Z students now depend on parental support and loans. And a survey by Save the Student showed that 76% of undergraduates were worried about making ends meet last year.
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So how can you ensure you don’t end up out of pocket during your time at university? Here are some top tips:
- Make use of student discounts
One of the best ways to save money as a student is to take advantage of the many available discounts. Many businesses offer students special rates from restaurants and shops to travel and entertainment. And with a Unidays membership, you can get access to even more discounts – both online and in-store.
- Use a student bank account
Most banks offer special student accounts, which come with various benefits, including interest-free overdrafts and freebies such as railcards and Amazon Prime memberships. This can be a great way to help you manage your finances during your studies.
- Create a budget
One of the best ways to stay on top of your finances is to create a budget and stick to it. Work out how much money you have coming in each month, and then list your essential expenses – such as rent, food and travel. This will help you see where your money is going and ensure you don’t overspend.
- Avoid unnecessary costs
There are many ways to save money at university, so try to be mindful of your spending. For example, rather than buying new textbooks every semester, see if you can borrow them from the library or buy them second-hand. And when it comes to nights out, try to pre-drink before you go out or take advantage of happy hour deals.
- Make use of support services
If you’re struggling to make ends meet, there is help available. Most universities have student support services that offer advice on everything from budgeting to finding part-time work. So don’t be afraid to ask for help if you need it.
Managing your finances at university doesn’t have to be a nightmare –follow these simple tips, and you’ll be sure to stay within your budget. And with careful planning, you might even find some extra money in your pocket at the end of each month.
What do you think of these tips? Do you have any to add? Let us know in the comments!
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